A new report released by Accenture says that technology has been a ‘lifeline’ for businesses during the coronavirus lockdown.
More than 6,200 business and technology leaders were surveyed, and 92% said that their organisation is “innovating with an urgency and call to action” this year, while around 77% stated that their technology architecture is “becoming very critical or critical” to the overall success of their business.
The ‘Accenture Technology Vision 2021’ report says that tech has enabled new ways for firms to work and do business, creating new interactions and experiences, and improved health and safety.
Use of technology “forever changed expectations and behaviours” and created “entirely new realities across every industry” according to the report. As firms made the shift from reacting to reinventing due to the crisis, now the “boldest, most visionary leaders” will define the future.
Accenture’s report predicts the key technology trends that will shape businesses and industries over the next three years, outlining how leading firms are “compressing a decade of digital transformation into one or two years”.
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Due to the onset of the pandemic, business leaders are growing revenues five times faster compared to only two times between 2015 to 2018, according to Accenture. The result, the report states, is a “wave of companies racing to reinvent themselves and use technology innovations to shape the new realities they face”.
Paul Daugherty, group chief executive – technology and chief technology officer at Accenture, said that the pandemic has “pushed a giant fast forward button” to the future.
He commented: “Many organisations stepped up to use technology in extraordinary ways to keep their businesses and communities running – at a pace they thought previously impossible – while others faced the stark reality of their shortcomings, lacking the digital foundation needed to rapidly pivot.
“We now have a once-in-a-generation opportunity to turn this moment of truth for technology into a moment of trust – embracing the power of exponential technology change to completely reimagine and rebuild the future of business and human experience.”
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Accenture’s technology vision identifies five trends that firms will need to address over the next three years to deal with in all parts of the business.
These include building tech architecture, adopting digital twins, democratising technology, creating a new working culture and “multiplying the impact of complex ecosystems”. Leaders also need to “broaden the horizons of leadership”.
A statement from the report says: “Technology makes the boldest ambitions achievable, but people are the north star that provides vision and direction.
“As they pioneer the new normal, enterprises are poised to have an outsized impact on the world around them—and financial success will only be one measure of leadership.”